The Reserve Bank of India (RBI) recently announced that retail investors would be allowed to buy government bonds. And thereby hangs a personal tale.
About 40 years ago I joined the Financial Express as a leader writer. The editor was one of the three doyens of financial journalism. He had just turned 60 and was looking for some inflation-proof investments.
Inflation since 1979 had been running at around 15 percent. In 1980 it touched 22 percent. So his search had urgency.
He asked me to write an editorial on something I didn’t have the faintest clue of: granny bonds. In
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